Dollar rate hits Rs134 on 9th October 2018

The US dollar rate has escalated to Rs 134 against Pakistani rupee in the inter-bank market on Tuesday.

The US dollar showed an upward trend by Rs9.75 as market opened today; however, the rate was Rs124.25 when the market closed on Monday. At one point it even touched RS-138 mark.

Dollar rate in open market reached 136.50 rupees at the end of the day on 9th October 2018.

This high rate of US dollar has created an uncertain behaviour in the market.

According to experts, such inclination in the US dollar rate against Pakistani rupee is an impact of government’s decision to approach the International Monetary Fund (IMF) in order to handle the financial crisis that Pakistan is facing.

Finance Minister Asad Umar has conveyed a message on Monday night, stating that talks with the IMF will start “instantly” as Prime Minister Imran Khan has given an approval for the same.

According to Asad, Pakistan is facing rough patch, due to the leftover issues of previous government. “We have to find a way to get out of this difficult situation,” he said.

It is expected that Pakistan is likely to demand the IMF to provide almost $6 billion to $7 billion.